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0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Joint tenancy [Answer]
Ownership by 2 or more persons who have equal rights in the use of that property. When a joint tenant dies, that person’s share passes to the other joint tenant(s)
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Tenancy in Common [Answer]
Ownership by 2 or more people. Ownership shares do not have to be equal, but each has an undivided interest in the property. When a tenant in common dies, that person’s share passes either by will or by intestate statute
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Tenancy by the entirety [Answer]
A special type of joint tenancy applicable only to married couples. Neither the wife or husband can transfer the property without the others consent
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Joint tenancy with a right of survivorship [Answer]
Joint tenancy
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Restrictive covenant [Answer]
A provision in a deed that prohibits specified uses of the property
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Easement [Answer]
A right to use property owned by another for a limited purpose
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Easement in gross [Answer]
Not located next to your property
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Easement appurtenant [Answer]
Next to your land
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Lease [Answer]
An agreement in which the property owner gives someone else the right to use that property for a designated period of time
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Lessor [Answer]
Landlord
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Lessee [Answer]
Tenant
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Leasehold [Answer]
A parcel of real estate held under a lease
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Tenancy for a term [Answer]
Aka Estate for years, lease establishes a set period of time
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Periodic tenancy [Answer]
Rental periods are established at set intervals (week to week, year to year,etc)
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Tenancy at will [Answer]
Lease that has no specific time period
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Tenancy at sufferance [Answer]
A situation in which ther person in possession of the land has no legal right to be there
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Forcible entry and detainer, or unlawful detainer [Answer]
Eviction procedures (in some states)
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Summary eviction [Answer]
NC now has this form - supposed to by quicker, cheaper
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Partial eviction [Answer]
Example: road built through the land
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Constructive eviction [Answer]
Effectively evicted because property is unfit to live in
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Retaliatory eviction [Answer]
Illegal; e.g. landlord evicts you for your complaint to the health dept. about poor conditions
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] 6 means of transferring real property [Answer]
1. sale, 2. death, 3. gift, 4. seizure by creditor, 5. eminent domain, 6. adverse possession
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Listing agreement [Answer]
A document that spells out the nature of the services a real estate agent will perform with respect to selling real property and how the agent will be compensated for those services
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Earnest money [Answer]
The money the buyer turns over to the real estate agent to be applied to the purchase price of property
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Title search [Answer]
An examination of documents recording title to the property to ensure the owner has a clear title
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Clear title [Answer]
Aka marketable title, an ownership right that is free from encumbrances or other defects
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Abstract [Answer]
A condensed history of the title, which includes the chain of ownership and a record of all liens, taxes, or other encumbrances that may impair the title.
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Title insurance [Answer]
Insurance against any loss due to a defective title
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Mechanic’s lien [Answer]
Claim by a contractor or repair person who had done work on the house for which he has not been fully paid
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Encumbrance [Answer]
Lien or other type of security interest that signifies that some other party has a legitimate claim to the property as a means of satisfying debts or the current owner
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Real estate closing [Answer]
Meeting at which the buyer and the seller and/or their rep. sign and deliver a variety of legal documents
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Deed [Answer]
The legal document that formally conveys title to the property to the new owner
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Warranty deed [Answer]
A deed in which the seller promises clear title to the property.
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Special Warranty deed [Answer]
Grantor didn’t do anything to cloud title, but can’t be sure of previous owners
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Quitclaim deed [Answer]
A deed in which the grantor gives up any claims to the property without making any assertions about there being a clear title
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Closing statement [Answer]
An itemized allocation of all the costs and moneys exchanged among the various parties, including financial institutions and real estate brokers, when a property is sold
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Land contract [Answer]
An installment contract for the sale of land. Buyer takes physical possession and begins making monthly payments to the seller, which will be applied to the agreed-on sale price. If buyer defaults, the seller gets to keep title to the property & payments.
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Decedent [Answer]
A person who died
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Devise [Answer]
A gift of real estate that is given to someone through a will
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Foreclosure [Answer]
The process by which a creditor who holds a mortgage or some other form of a lien on real property can force the sale of that property in order to satisfy the debt to the mortgage or lien holder
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Power of sale clause [Answer]
A clause authorizing a private foreclosure sale that does not require court action
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Eminent domain [Answer]
The power of government to take private property for public purposes
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Just compensation [Answer]
The amount of money the gov’t must pay the owner of property it seizes through eminent domain
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Adverse possession [Answer]
A transfer of real property rights that occurs after someone other than the owner has had actual, open, and exclusive use of the property for a statutorily determined number of years
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Bailment [Answer]
A temporary transfer of personal property to someone other than the owner for a specified purpose (take clothes to the dry cleaner)
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Bailor [Answer]
The owner of the personal property that is being temporarily transferred as part of a bailment
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Bailee [Answer]
The party taking temporary control of the personal property during a bailment
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Accession [Answer]
One way of acquiring ownership of personal property- something added to an existing item you own
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Commingling [Answer]
Fungible - goods that are not unique (barrel of wheat)
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Confusion [Answer]
Goods get not only commingled, but mixed into something new
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Mislaid [Answer]
You put it down & forgot it - other than original owner, the best right of possession is the owner of the place you left it
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Lost [Answer]
Item separated from you without you knowing it - other than original owner, the best right of possession is the finder
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Abandoned [Answer]
Willingly relinquish your ownership - finder becomes new rightful owner
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Estray statute [Answer]
If LOST property goes unclaimed for a year, then the finder becomes the rightful owner
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Escheat statute [Answer]
Applies to banks, insurance companies, corporations, etc. - property not claimed goes to the state
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Treasure trove [Answer]
Special case - property was not lost, mislaid, abandoned; nonetheless, the rightful owner no longer known - property rights go to the finder (even if on someone else’s land)
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Estate (estate planning) [Answer]
The total property of whatever kind, both real and personal, that a erson owns at the time of his or her death
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Will [Answer]
The document used to express a person’s wishes as to how his or her property should be distributed upon death; not a contract - no consideration; not a gift - no delivery by the giver
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Testate [Answer]
When a person dies with a valid will
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Intestate [Answer]
When a person dies without a valid will
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Testator/testatrix [Answer]
The person making a will to direct how his or her assets will be distributed at death
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Formal will [Answer]
A will that has been prepared on a word processor or typewriter and has been properly signed by the testator & witnesses
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Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Holographic will [Answer]
Informal will; one that was handwritten by the testator, without the witnesses signatures necessary for a formal will. About ½ the states recognize such wills as valid
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Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Nuncupative will [Answer]
An oral will. The few states that recognize these as valid only do so when the testator was in fear of imminent death and usually require at least two witnesses
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Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Bequest/legacy [Answer]
A gift of personal property in a will
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Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Beneficiary [Answer]
The person named in a will, insurance policy, or trust who receives a benefit
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Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Executor/executrix [Answer]
A person appointed by the testator to carry out the directions and requests in his or her will
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Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Guardian [Answer]
One who is given the responsibility of managing the affairs or property of a person who is incapable of administering his or her own affairs
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Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Simultaneous death clause [Answer]
Clause stating that if a person named as beneficiary in the will dies shortly after decedent, it's assumed for purposes of the will that the person failed to survive the decedent; often inserted for tax purposes so estate taxes aren’t paid twice
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Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Self-proving clause [Answer]
A notarized affidavit, signed by the attesting witnesses, that may eliminate the need to call witnesses during the probate process to attest to the validity of the will.
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Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Codicil [Answer]
A supplement or addition to a will that modifies, explains, or adds to its provisions. (Alternatively, the testator can destroy the old will and draft a new one.)
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Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Living will [Answer]
AKA medical directive; a document expressing a person’s wishes regarding the withholding or withdrawal of life-support equipment and other heroic measures to sustain life if the individual has an incurable or irreversible condition that will cause death
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Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Durable Power of Attorney [Answer]
Someone appointed to do something on your behalf even after (or upon) you lose your mental capacity
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Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Probate [Answer]
The process of court supervision over the distribution of a deceased person’s property
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Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Executor [Answer]
Person appointed in the will to carry out the directions and requests of the will
[]
Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Administrator/administratrix [Answer]
Person appointed by the court to carry out the directions & requests of a will
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Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Heir [Answer]
Generic term for someone entitled to inherit property left by the decedent
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Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Kindred [Answer]
Persons related to the decedent by blood (consanguinity)
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Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Affinity [Answer]
Persons related to the decedent by marriage
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Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Lineal heir [Answer]
Grandparent, parent, child, grandchild, or great grandchild of the decedent
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Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Descendants [Answer]
Aka issue, those lineal heirs who descend from the decedent
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Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Collateral heir [Answer]
One who has the same ancestors but does not descend from the decedent (siblings)
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Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Per stirpes [Answer]
Aka right of representation; a method of dividing an intestate estate whereby a person takes in place of the dead ancestor. (if a parent is dead, the children inherit the dead parent’s share); alternative method is per capita
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Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Escheat [Answer]
A reversion of property to the state when there are no heirs
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Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Testamentary capacity [Answer]
The mental capacity (aka sound mind) whereby the testator understands the nature of his/her property and the identity of those most closely related to him/her
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Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Trust [Answer]
A legal relationship in which one party holds property for the benefit of another. Not a public document (as opposed to a will)
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Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Donor [Answer]
Aka grantor or settler; a person who creates a trust
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Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Rule against perpetuities [Answer]
Ownership must vest withing lives in being + 20 years + gestation period (9 months). If it doesn’t have end, trust is invalid from the beginning
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Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Trustee [Answer]
The person appointed to administer a trust
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Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Inter vivos trust [Answer]
One that is created before a person’s death
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Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Living trust [Answer]
A commonly used type of inter vivos trust specifically designed to avoid probate.
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Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Causa mortis gift [Answer]
Conditional gift subject to a condition that the giver die from condition he expected to die from (different from a gift in a will)
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Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Revocable trust [Answer]
The donor can change the beneficiaries and terms at any time and take back full ownership and control of the property
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Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Irrevocable trust [Answer]
The terms of the trust cannot be changed and the donor cannot regain ownership or control of the property
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Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Testamentary trust [Answer]
A trust created by a will. It does not become effective until after the testator’s death.
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Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Corpus [Answer]
The property of the trust
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Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Express trust [Answer]
Usually written trust (rarely oral)
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Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Spendthrift Trust [Answer]
Beneficiary has no right to sell trust interests (prevents problems when beneficiary is irresponsible)
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Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Totten Trust [Answer]
Grantor puts money in separate account in their name for the benefit of a trustee. It can be revoked at any time.
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Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json
0c2e1727_rds_about_Legal_Survey_Vocab_4__Answer
[Question] Tontine Trust [Answer]
Group of people all put money in - it stays until last of them die & that person’s child(ren) get all the money
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Flashcards about Legal Survey Vocab 4
Answer
http://www.studystack.com/flashcard-365313
38/1438042981969.11_20150728002301-00061-ip-10-236-191-2_722296063_3.json